January 7th, 2016 | Andrew Hagger | News

Clydesdale and Yorkshire Banks have launched a selection of new lower rate offers for unsecured personal loans, including their lowest ever online rate of 3.4% APR* for loans between £7,500 and £15,000.

Loans in this bracket are also available by phone and in branch at a rate of 4.4% APR*.

Personal loans between £5,000 and £7,499 will be available from a rate of 4.4% APR* online, in branch and by phone and for those looking to borrow over £15,000, the Banks are offering a competitive rate of 3.8% APR* online, in branch and by phone.

The loans are available to new and existing customers with terms up to five years (see Editors’ Notes) and are announced on the day that Clydesdale and Yorkshire Banks are named Best Personal Loan Provider in the 2016 Moneynet Awards.

Key Features:

• 4.4% APR* for loans from £5,000 to £7,499 online, in branch and by phone
• 4.4% APR* for loans from £7,500 to £15,000 in branch and by phone (3.4% APR* for loans from £7,500 to £15,000 online only)
• 3.8% APR* for loans over £15,000 online, in branch and by phone
• A fixed interest rate over the term of the loan
• Choice of loan terms
• Available for new and existing customers
• Most applicants will have an instant decision**
• For existing customers in branch, funds in account same the day the loan is drawn down
• Applications can be saved online for up to 30 days
• Full early repayment & partial early settlement options available
• Online loans calculator for a quick personal quote

January 5th, 2016 | Andrew Hagger | News

Moneynet is proud to announce the results of its sixth annual Personal Finance Awards recognising the top providers and products from the last twelve months.

It has been another testing and fiercely competitive year for banks, building societies and credit card companies, but some have stood out from their peers and delivered excellent deals for the consumer.

Despite the low base rate environment and uncertain economic conditions, there have been some stand out best buy products and we are again pleased to recognise the top providers and innovators for their achievements.

So to our winners!…

OVERALL
WINNER- Best Overall Personal Finance Provider – Tesco Bank
WINNER -Best Loyalty Rewards for Existing Customers – Nationwide Building Society

MORTGAGES

WINNER – Best Offset Mortgage Provider – Yorkshire Building Society
WINNER – Best First Time Buyer Mortgage Provider – Clydesdale/Yorkshire Bank
WINNER – Best Direct Mortgage Provider – Tesco Bank
WINNER – Best Fixed Rate Mortgage Provider – Norwich & Peterborough Building Society
WINNER – Best Overall Mortgage Provider – HSBC

SAVINGS

WINNER – Best Overall Savings Provider – United Trust Bank
WINNER – Best Fixed Rate Savings Provider – Charter Savings Bank
WINNER – Best Online Savings Provider – Post Office Money
WINNER – Best Cash ISA Provider – AA Financial Services
WINNER – Best Junior Cash ISA Provider – Nationwide Building Society
WINNER – Best Children’s Savings Provider – Nationwide Building Society
WINNER – Best Business Savings Provider – Aldermore
WINNER – Best New Savings Provider – Hampshire Trust Bank
WINNER – Best Regular Savings Provider – Kent Reliance

CURRENT ACCOUNTS

WINNER – Best ‘in credit’ Current Account – TSB
WINNER – Best Current Account (overdraft) – First Direct
WINNER – Best Student Bank Account – HSBC
WINNER – Best all round Current Account – Tesco Bank
WINNER – Best Packaged Current Account – Nationwide Building Society FlexPlus
WINNER – Best Debit Card for use abroad – Norwich & Peterborough Building Society
WINNER – Best Private Banking Current Account – Investec Voyage

LOANS

WINNER – Best Personal Loan Provider – Clydesdale/Yorkshire Bank
WINNER – Best Credit Builder – Amigo Loans
WINNER – Best Specialist Loan Provider – 118118 Money

PEER TO PEER

WINNER – Best Peer to Peer Property Lender – LendInvest
WINNER – Best Consumer Peer to Peer Lender Returns – Lending Works
WINNER – Best New Peer to Peer Provider – CrowdStacker
WINNER – Best Overall Consumer Peer to Peer Provider – RateSetter

CREDIT CARDS AND PREPAID CARDS

WINNER – Best 0% Balance Transfer Credit Card Provider – Barclaycard
WINNER – Best All Round Credit Card – MBNA Everyday Plus
WINNER – Best Credit Card for use abroad – MBNA Everyday Plus
WINNER – Best Credit Card Rewards – Sainsbury’s Bank Nectar Credit Cards
WINNER – Best Cash Back Credit Card – American Express Platinum Cashback Everyday
WINNER – Best Credit Repair Card Provider – Marbles

TRAVEL MONEY

WINNER – Best Travel Money Provider – Asda Money
WINNER – Best Prepaid Currency Card – Access Prepaid Cash Passport
WINNER – Best Money Transfer Provider – Azimo

INNOVATION AWARDS

WINNER – Best New Personal Finance App – Santander KiTTi
WINNER – Best Free Personal Finance Initiative – ClearScore

INSURANCE

WINNER – Best Pet Insurance Provider – Tesco Bank
WINNER – Best Travel Insurance Provider – AA Travel Insurance
WINNER – Best Car Insurance Provider – Allianz
WINNER – Best Home Emergency Cover Provider – HomeServe

December 30th, 2015 | Andrew Hagger | News

As many start to consider financial resolutions for 2016, Co-op is warning of a gap in end of life planning.

It is said that death is the most certain thing in life, yet over 30million UK adults are without a will and 91% don’t yet have a funeral plan. This means that should the worst happen, millions risk leaving their families with a legacy of financial as well as emotional grief.

Resolutions to close the gap in 2016 include:

Make a will

Approximately 30million UK adults don’t have a will, that’s the majority of the UK adult population (60%). For those that do make a will, the average age for putting one in place is 42. As many as a quarter of those with wills waited longer than this, leaving it to age 55 before putting one in place.

The most common reasons for making a will are:

• Reaching a milestone age (26%)
• Having a child (19%)
• The death of relative (17%)
• Purchasing a property (16%)

James Antoniou, Head of Wills, for Co-op Legal Services comments:

“There’s currently a worrying gap in end of life planning in the UK, potentially leaving millions of relatives and families facing additional stress and confusion whilst grieving for the loss of a loved one.”

“With over 30 million people in the UK yet to write a will, we’re a nation who tend to bury our heads in the sand when it comes to end of life planning.”

“In order to ensure that people’s wishes are clear about who they want to benefit from their estate, 2016 should be the year that they take the right advice and put an effective will in place.”

Update your will

Of those with a will in place over half (55%) have never updated it, potentially meaning that their will could be invalid, particularly if their family circumstances have changed. Almost a third (29%) haven’t updated their will just because they haven’t got round to it

The most common triggers for will updates are:

• Arrival of grandchildren 19%
• Reaching a milestone age 18%
• Birth of a child 15%
• Death of a relative 13%
• Buying a property 11%
• Separating from your partner / getting divorced 9%
• Inheriting some money 9%
• Getting remarried 8%
• Experiencing a health scare / issue 5%
• Getting married for first time 5%

James Antoniou adds:

“It’s also worrying that over half of people who have wills have never updated them. Depending on the way a will has been drafted, a marriage, a divorce or the death of a spouse can make the will ineffective.”

A professionally drafted will can be put in place from just £75+VAT. Further information is available by visiting: https://www.co-oplegalservices.co.uk

December 30th, 2015 | Andrew Hagger | News

Contactless card transactions now account for one in 10 card payments, the first time the milestone has been passed, the latest figures from The UK Cards Association show.

There were 120.5 million contactless card payments in October in the UK, meaning that 10.3 per cent of all card transactions were made using contactless. This has risen from just 3.7 per cent a year ago.

A total of £929.8m was spent using contactless cards in October. The average value of a contactless payment is £7.72, up from £7.35 in September when the limit for a single payment rose to £30.

Overall spending on debit and credit cards rose by 0.9 per cent in October to reach £53.2 billion. There were a total of 1.16 billion card transactions in the month.

Richard Koch, Head of Policy at The UK Cards Association, said:

“With one in 10 card payments now contactless, it’s clearly the preferred way to pay for millions of consumers. The rise in the contactless limit to £30 earlier this year means there are now even more opportunities to make a fast, easy and secure contactless payment.”

December 30th, 2015 | Andrew Hagger | News

With many thousands already flooded over the festive season and with storm Frank on the way,  Skipton Building Society has today, opened a special charity account to enable anyone who wishes to support the flood victims, to donate in any of its branches across the country.

The money raised from all of the donation will enable Skipton to help people in the communities that have been affected by the recent flooding, including Yorkshire, Lancashire and Cumbria.

As well as opening a dedicated account to support those who have been affected by the flooding, Skipton branches which are located in flood hit communities are also accepting donations in the form of items, which the branch colleagues can then deliver to their nearest flood distribution centers, this includes:

1. Blankets & bedding
2. Cleaning items (including cloths)
3. Brushes and mops Buckets and bins Heavy duty rubbish bags
4. Food (dried and tinned goods only)
5. Clothing (especially for children)

A spokesperson said: “Community is very important to everyone at Skipton Building Society, that’s why we want to help those who have suffered in their communities from the recent flooding. And with storm Frank now hitting our shores, which will causes further disruption to these communities, Skipton have made it possible for anyone wishing to support those affected by the flooding to make a financial donations in any of the Skipton Building Society branches across the country.”

December 22nd, 2015 | Andrew Hagger | News

As we head into winter, M&S Bank is urging homeowners to utilise the milder December temperatures and ensure their home is in a good state of repair. This comes after research revealed that a third of homeowners (33 per cent) admit to not carrying out any basic maintenance to protect their home against weather related damage each year.

While the M&S Bank research showed that the majority of homeowners understood that with most home insurance policies it is their responsibility to ensure the property is in a good state of repair (77 per cent) – a fall of six per cent on 2014 – 15 per cent haven’t undertaken any basic home maintenance measures in the last 12 months.

Therefore it’s not surprising that the number of winter weather related claims rejected due to a lack of general maintenance is increasing and has more than doubled since 2011 .

More than three in five (64 per cent) homeowners said they have not checked for loose roof tiles, while 44 per cent hadn’t cleared gutters – two basic maintenance measures – in the last 12 months.

Paul Stokes from M&S Bank, said: “Regularly carrying out maintenance on the home, even basic tasks such as checking for things like loose tiles, cleaning chimneys and clearing gutters, can help prevent damage from occurring, and should the worst happen, ensure a claim is valid.”

If leaving their home for an extended period of time over the winter months, more than half (51 per cent) said they wouldn’t keep their home’s central heating at a minimum temperature, while more than one in ten (12 per cent) wouldn’t take any precautions to prepare their home.  

Paul Stokes added: “It’s also important to remember that preventative measures, such as keeping your home at a minimum temperature when away during the winter months, could help to avert damage caused as a result of winter weather.”

Follow Paul’s top tips for preparing your home for winter:
·        Check  your  roof  for  loose tiles that could be dislodged in heavy wind
·        Keep  your gutters cleared of leaves to avoid blockages
·        Prune trees close to the home to prevent branches snapping
·        Check plants growing up the side of the house are not growing into the brickwork
·        Remove any hosepipes that may still be attached and isolate the outdoor taps to help prevent frozen pipe damage
·        Get chimneys swept and clear of debris that could start a fire
·        Insulate pipes and leave heating on a low setting at all times in freezing conditions

December 21st, 2015 | Andrew Hagger | News

As the Government announces plans for increased penalties for those using handheld mobile phones while driving, the UK’s largest used vehicle marketplace, BCA, reveals the growing frustration of UK motorists towards careless driving habits.

Nearly 90% of motorists who responded to a BCA survey said the use of a handheld mobile device while driving was ‘very distracting’, with 95% claiming to have personally witnessed another motorist doing so.  And over half (52%) of those surveyed believed that penalties for using a handheld mobile device should be more severe.

However, the BCA data also revealed that there appears to be a case of ‘do as I say, not as I do’, with 42% of motorists admitting to having spoken on a handheld mobile device themselves while driving. Over a quarter (27%) admitted to texting while behind the wheel; 13% have taken a photo and 6% admitted to accessing social media whilst driving.

“The interesting thing about this study is that, whilst almost everybody was happy to vent their indignation at other drivers’ carelessness, a large number also owned-up to the very things that concerned them”, explained Tim Naylor, Editor of the BCA Used Car Market Report.

“But it is clear from our research that there is a groundswell of support for stronger penalties for using a hand-held mobile while driving – whether talking, texting or accessing social media.”

December 21st, 2015 | Andrew Hagger | News

The nation’s 14 million grandparents could spend as much as £3 billion on presents for their grandchildren this Christmas, a new MBNA study reveals.

Grandparents polled across the country say they will spend an average of around £74 on each of their grandchildren this year.

Londoners top the spending poll, averaging more than £111 per grandchild, followed by the North East (average spend of £100), Scotland (£93), the East Midlands (£82) and Wales (£79).

“Our research shows that significant sums will be spent by the country’s generous grandparents this year, much to the delight of many grandchildren no doubt”, said Richard Whatmough, director of Marketing and Digital at MBNA.

More than 14 per cent of grandparents say they plan to spend more in 2015 than they spent in 2014, with only 5 per cent looking to cut back on last year’s spending.

The survey shows that grandparents plan to spend around £683 in total on Christmas this year. Many will opt to pay for presents for family and friends using their monthly income, savings or a combination of both this year, with around 20 per cent planning to spread the cost of Christmas using a credit card.

“If spreading the cost of Christmas is important this Christmas, then we hope people will take the time to consider the range products and services we provide at MBNA,” added Whatmough.

The MBNA Everyday Plus American Express® Credit Card has no annual fee and there are no fees for money transfers, balance transfers and ATM usage in the UK or abroad.

December 16th, 2015 | Andrew Hagger | News

Analysis by Sainsbury’s Bank predicts that this December approximately £11.75 billion could be withdrawn from LINK ATMs, the UK’s cash machine network– equal to more than £379 million every day during the month.

The supermarket bank, which has over 1,635 free-to-use ATMs across the UK, estimates that the number of cash withdrawals carried out at LINK ATMs in December could reach 173 million – around three million higher than the same time last year.  It’s predicted that the average value of an ATM cash withdrawal carried  during December will be £68.

Usage is expected to peak on Friday 18^th December, in terms of both number of transactions and total value of cash withdrawn. The Friday before Christmas is the typical peak day for pre-Christmas cash withdrawals; Friday 19^th December was the busiest day in 2014 and Friday 20th December was the busiest day in 2013 for cash withdrawals.

As a result of the large volumes of cash being withdrawn during the festive season, Sainsbury’s Bank is encouraging consumers to be extra vigilant when withdrawing cash.

A spokesman for Sainsbury’s Bank said: “With December typically being the busiest month of the year for withdrawing cash, we’re encouraging people to be extra vigilant when they’re using an ATM. Whenever you use one, take your time, don’t count your money at the machine, and put it away safely and out of sight before leaving the ATM.”

Five top tips to keep your details safe when using an ATM:

• Only use an ATM in a well-lit, public area
• If you see anything suspicious either on or around the ATM, do not use it and report it to the owner or business that has the ATM on its premises
• Stand close to the machine and shield the keypad not only when entering your PIN but also when entering the amount of cash you are withdrawing
• Always put your cash, card and receipt straight away, you can count your cash and check your receipt later
• If your card is retained in the machine, report it to the card issuer immediately.

December 14th, 2015 | Andrew Hagger | News

Last week the regulator (FCA) announced a package of measures to improve competition in the savings market.

The proposals included clearer information on interest rates, reminders when promotional rates come to an end and making it easier and quicker to switch accounts.

Whilst any move to try to get people earning a better return on their nest egg is welcome, you can’t help feeling that the proverbial horse has long since bolted.

The FCA wants to speed up processes but we’ve already seen from the current account switching service figures, it’s not about how quickly you can move your custom from one provider to another.

Another factor that makes people lethargic when it comes to finding a better savings rate is the level of reward on offer for taking the time and trouble to transfer their funds to a new account.

Many instant access savings accounts will have relatively small balances and these people particularly will question whether it’s worth the effort.

For example if someone with £1,000 in an easy access account paying 0.25% finds a no strings, no introductory bonus gimmick, FSCS covered, best buy account paying 1.40%, they will earn a mere £11.50 per year extra before tax.

When you see an increasing number of current account providers offering £100 golden hellos and still struggling to attract new business then it’s highly unlikely that savers are going to jump ship for a fraction of that reward.

The government has kept rates low as part of its strategy to rebuild the economy and we now have some of the lowest mortgage and personal loan rates on record so it’s no surprise that margins have been squeezed and easy access savings rates are much lower as a result.

With a number of current accounts paying between 3% and 5% on credit balances savvy people will be using these accounts as a vehicle for their ‘rainy day’ or emergency savings.

Naming and shaming via the new FCA ‘sunlight remedy’ tables will show which banks and building societies rank worst amongst a pretty poor bunch, but even if (and it’s a big if),  the information is seen by those who have savings paying miserly returns don’t expect to see a step change and people switching in large volumes.

With savings interest returns so low for so long now, it’s no wonder the big consumer Peer to Peer players like Zopa and Ratesetter are both currently pulling in between £40 million and £50 million of new money every month, particularly when RateSetter was this week paying 3.3% on its monthly access account.

Base rate slumped to its current record low level back March 2009 and until it awakes from its slumber then little will change in the UK savings market.